10 January 2007
Dubai Investments, a private equity firm with interests ranging from property to steel, said it bought a stake in Dubai-based International Rubber to tap growth in the UAE's construction industry.

M'Sharie, a Dubai Investments' unit, bought 51 per cent of International Rubber, the company said. The value of the deal was not disclosed.

"IRC has the capabilities of providing tailored solutions to service the huge potential within the construction industry," said Abdul-Aziz Al Serkal, the M'Sharie's managing director.

Residential property prices in Dubai rose about 20 per cent last year after climbing 50 per cent in 2005. International Rubber makes several products, including polymer rubbers and seals, according to the statement.

It has supplied to various projects, including the Burj Dubai Tower.

By Emirates Today Staff

© Emirates Today 2007